Difference between revisions of "Initial Move-in Finances"
(Added deposit contract texst)
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=Bay Area Public School (BAPS)=
=Bay Area Public School (BAPS)=
Yes. $3K by May 1.
Yes. $3K by May 1.
Revision as of 12:12, 30 April 2014
Financial commitments: Is your collective able to put down first, last, and deposit by May 1? How about May 15? Any extra funds/donations you could put toward the Omni deposit (probably somewhere in the range of 30k total)?
- Yes, by May 1 if consensus is reached to move in. ($6k)
- If we reach consensus, May 15th with 3x rent, however rent amount depends on space and has not been consented on.
- Yes, by May 15th with 3x rent. $4,500
Oakland Nights Live
- Yes, to 3x by May 1st or 15th. But, also, we also collectively decided we need to lower our commitment from $250/month to $100/month. That is only around 1% of the total rent, so hopefully it isn't much of an issue, but apologies. We want to commit to what we absolutely know we can pay and we've been doing $100/month for over a year. Being able to pay more would depend a lot on selling alcohol in the new space. If anyone has issues with this, contact Jeremy.
So, yes $300 on May 1st or 15th.
Bay Area Public School (BAPS)
Yes. $3K by May 1.
Deposit Contract signed between member collectives and the Omni Collective
OPTION TO SUB-LEASE
This Option to Sub-Lease ("Option”) is made as of April ___, 2014 by and between Omni Oakland collective, a California public benefit corporation “Optionor” and ______________ “Optionee” (hereinafter collectively the “Parties”.)
A. Optionor is seeking to master lease that certain piece of real property commonly known as 4799 Shattuck Avenue, Oakland, California (the “Property”). The purpose of this Option is to permit a number of parties to provide funds to Optionor so Optionor can secure said master lease, and give rights to the various Optionees to sub-lease portions of the Property at such time as Optionor secures said lease. This Option provides that should Optionor fail to secure said lease, all funds paid under this Option shall be returned to Optionee.
B. The parties acknowledge and agree that Optionor is signing a number of Option agreements similar to this Option with other parties.
Therefore, in consideration of the foregoing recitals and for good and valuable consideration, receipt of which is hereby acknowledged, the Parties hereby agree as follows:
1. Optionor grants to Optionee an option to sub-lease a portion the Property from Optionor for the term and upon all of the term and conditions set forth herein.
2. As consideration for this Option, Optionee has delivered to Optionor the sum of $________________ (the "Payment"and Optionor acknowledges the receipt thereof.
3. This Option and the Payment are contingent on Optionor signing a master lease for the Property within ninety (90) days following execution of this Option (the "Condition"). If Optionor fails to satisfy the Condition, Optionor shall return the Payment to Optionee within seven (7) days of the date on which (i) the 90 day period expires; or (ii) the day prior to expiration of the 90 day period on which the Property is sold, master leased or transferred to any party other than Optionor.
4. The term of this Option shall commence upon the date of this Option and expire within 30 days after Optionor has satisfied the Condition stated in paragraph 3, above. If not exercised during the term of this Option, this Option shall automatically and without further notice by any party expire on the day stated above. Optionee may exercise this Option at any time during the term of this Option by giving Optionor written notice of its intention to exercise the Option. In the event this Option is exercised, the consideration paid by Optionee for this Option as stated in Paragraph 2, above, shall be applied against and be deemed to be a payment credited against the deposit required under the Sub-Lease discussed in paragraph 5, below. In the event that Optionee does not exercise this Option, the consideration paid by Optionee for this Option may be retained by Optionor without deduction or offset, provided, however, that Optionor may in Optionor's sole discretion refund some or all of said consideration to the extent Optionor is able to sign a lease with a third party on terms equivalent to the terms described herein.
5. Within five (5) days of exercise of this Option, the Parties shall sign a Sub-Lease containing all of the following terms, and such other commercially reasonable terms generally contained in a similar lease: (a) The sub-lease term shall be ______ years, renewable for ________ years. The commencement date of the sub-lease shall be the date on which Lessor satisfies the Condition. (b) Monthly rent for the Premises shall be $___________. Monthly rent shall be due on the first of each month. Lessee shall pay a late fee equal to 5 percent of the Monthly Rent for any rent received after the due date. (c) Lessee shall pay a security deposit to Lessor of $______ to secure performance under the sub-Lease. (d) The Premises shall be solely used for purposes consistent with all applicable legal requirements including Lessor's tax exempt status. (e) Lessor shall pay all utilities related to the Premises. Lessor shall be responsible for all maintenance and repairs related to the Premises. Lessee shall make no alterations to the Premises without the prior written consent of Lessor which shall not be unreasonably withheld. (f) Lessee shall not, without the prior written consent of Lessor, assignor sub-let all or any part of its rights under the sub-Lease. (g) Lessee shall occupy a portion of the Premises equal to 1/____ of the rentable square footage of the Property.
6. Optionee agrees that they shall make no Assignment of their rights and obligations under this Option without the prior written consent of Optionor.
7. The validity and interpretation of this Option shall be governed by the laws of the State of California. In any proceeding to enforce or interpret this Option, the Parties hereby agree that the sole, exclusive venue for any action shall be in the County of Alameda. In case any provision contained herein shall be held invalid, illegal or unenforceable, such invalidity, illegality or unenforceability shall not affect any other provision hereof, the remaining portions of this Option which can be separated from the invalid provisions shall nevertheless continue in full force and effect, and this Option shall be construed as if the invalid, illegal or unenforceable provision had never been contained herein. This Option shall be binding on and shall inure to the benefit of the heirs, executors, administrators, successors, and assigns of the parties to this Option. In the event any legal proceeding is commenced by any party to this Option to enforce any of the terms of this Option or to interpret the Option, the prevailing party in such proceeding shall be entitled to recover reasonable Attorney’s fees. This Option constitutes the entire agreement between the Parties and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written.
Wherefore, the Parties set their hands to this Option on the date set forth above.